Ebix, Inc. (EBIX) said Wednesday that it and an affiliate of Goldman, Sachs & Co. have agreed to terminate their merger agreement, which had provided for Ebix to be acquired by an affiliate of Goldman Sachs.
On May 1, Ebix announced that it has agreed to be taken private by an affiliate of Goldman Sachs for about $820 million, including the assumption of any outstanding debt.
Ebix said the decision to terminate the merger agreement was the result of a letter received by the company on June 14 from the U.S. Attorney for the Northern District of Georgia that it had opened an investigation into allegations of intentional misconduct that had been brought to its attention from the pending shareholder class action lawsuits against the company's directors and officers, the media and other sources.
The company said it has been informed by the office of the U.S. Attorney that their investigation is in its preliminary stages and that it is too early to make a determination of whether any violation of the securities laws or other laws has occurred, or whether any individual or entity could be considered a target, subject or witness in the investigation.
The merger agreement is being terminated without payment of a termination fee by either party and each party and certain significant shareholders of the company and each of their respective affiliates have agreed to release each other from all claims arising under or related to the terminated merger agreement and related transaction agreements, Ebix said.
Ebix also said its Board of Directors plans to continue to evaluate strategic options for the company.
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